Car Insurance

covers your car against risks like theft, accident, explosion etc.

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Ways to Reduce Premium For Car Insurance

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If the Premium that you pay towards your car insurance pinches your pocket there are ways you can bring down this liability. You do not actually have to compromise on the Coverage too much, rather you need to be just a bit discreet about what you are buying and also be aware of the various options that you have in hand. Here are some ways that will help you bring down your car insurance premium:

1) Avoid making minor claims in favour of No-claim bonus

You do not have to really rush for a Claim for the most insignificant damage that has happened to you car. In case of minor claims you might end up spending more than you save. So if you need to make a claim at the cost of losing a no-claim Bonus be sure that the amount of claim that the insurance company would reimburse you for is significantly higher than the potential no-claim bonus you can get for not making the claim. The no-claim bonus magnifies with every additional consecutive year of no-claim record.

2) Voluntary Deductible

Quite a few people in order to save money on insurance tend to cut down on coverage. A better way to deal with the situation is to opt for a voluntary Deductible in addition to the compulsory deductible. Compulsory deductible is the minimum amount of money that the Insured has to pay out of pocket in case he makes a claim. By opting for a voluntary deductible you agree to pay a higher sum out of pocket in case you make a claim. The insurance company compensates you for this by lowering your premium. You can expect to cut down on you insurance premium by 20 to 30 percent. Those people who are quite confident about their driving should go for a voluntary deductible.

3) Compare before you buy

The insurance business is competitive and there are many insurance companies offering car insurance. The price of motor insurance is likely to vary from one company to another and it is advised that you make an online comparison. This will help you spot the best car insurance that fits your needs as well as budget.

4) Know if you are eligible for discount

You can look to save a few hundred rupees on your insurance Policy if you have installed anti-theft device in your car. If you qualify as a “safe driver” you can earn an incremental discount of about Rs 200. To be recognized as a “safe driver” you can become a member of the Automobile Association of India.

5) Cut down on policy coverage that seems redundant or avoidable

If you already own personal Accident policy separately and your car insurance as well includes the same as part of the coverage it is best that you ask the insurance company to offer you a policy that does not include personal accident coverage.